AIG to invest in China insurer

The American insurer signed a nonbinding agreement with Chinese insurer PICC Life to form a venture to sell life insurance and other products in China. PICC Group is planning to debut in Hong Kong, and AIG (AIG) said it plans to buy about $500 mil of shares of the firm in its IPO. AIG received U.S. gov't bailout money and sold off divisions, including a stake in Asian insurer AIA Group to pay off ...

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